The hammer signal yesterday in the Dow bouncing off the 50 day moving average, followed by a gap up through the T-line today is pretty strong evidence the 50 day moving average was the support level target. The NASDAQ also has gapped up from a hammer signal from yesterday. This implies more upside, probably coming out of the sideways market from the past two months. The strong chart patterns continue to work well, i.e. SINA and YY.
September 2nd Daily Market Comments
The hammer signal yesterday in the Dow bouncing off the 50 day moving average, followed by a gap up through the T-line today is pretty strong evidence the 50 day moving average was the support level target. The NASDAQ also has gapped up from a hammer signal from yesterday. This implies more upside, probably coming out of the sideways market from the past two months. The strong chart patterns continue to work well, i.e. SINA and YY.